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UAE's ADNOC Cuts February OSPs to Asia

Abu Dhabi National Oil Company (ADNOC) said on Monday it has set the February retroactive official selling price for its benchmark Murban crude MUR-OSP at US$66.15 per barrel. That puts February Murban's OSP premium to Dubai quotes at US$3.43 a barrel, down 13 cents from the previous month.

Price cuts across all grades were in line with market expectations, traders said. The price cut for Murban was smaller because ADNOC plans to reduce its supplies by 25% in April, a trader said.